Jenex Closes Private-Placement Equity Financing
- Peter Shippen appointed interim Managing Director following resignation of the company's President - Jenex retains management team to drive strategic growth plan - Annual and special meeting of shareholders resumes on December 10
The offering, which has been modified from the planned financing announced on
As previously announced, Kingsdale Capital Markets Inc. of
The funds raised from this offering will be used to fund the company's re-launch under its new management team and Board; marketing support for its products; restructuring costs; settlement payments to former management and certain trade creditors; and for working capital and general corporate purposes.
Jenex also announced that
"I am pleased to announce that we have been successful in attracting an experienced team of three executives with proven track records in launching and managing new products, designing and developing medical devices, and financial management," said
"Working with me and our new Board, these executives will assist us in refining our strategic growth plan to build on and add to our core technology platform and products," he said.
The three executives who will be working with Jenex are:
- Deborah Lechter has more than 20 years experience launching and managing new products, services, and companies. She is currently responsible for Business Development at Avcom Technology, a successful provider of end-to-end video security solutions. Ms. Lechter is a veteran of fast-growing start-ups and global multinational vendors with expertise in introducing leading-edge technologies to the market place and leading companies through rapid growth. She has held senior sales and marketing positions at Arrow Electronics, Ogivar Technologies, and Mobile Data Exchange Corp. She has significant experience in all levels of product development from inception to branding, introduction to market, sales, and customer relationship management; - Sergey Juralev is a physicist with more than 20 years experience designing and developing medical devices. He developed an Ultrasonic Surgery System (KRON) used for ultrasonic brain surgery, and spearheaded the design and development of the Computerized Optical Microscopy System for NIVA-L. Mr. Juralev has held key positions in the medical and scientific field including senior systems engineer at Microsource in North Carolina; and - Mycheal Greco, who currently serves as Chief Executive Officer for Avcom Technology, and is responsible for that company's financial management, internal controls and operations. Prior to joining Avcom, he was the co-founder and vice-president of finance of MICOM Technologies in Atlanta Georgia. Previous to MICOM, he was a controller for TJ MacMillan, and a senior project manager of internal controls. Mr. Greco has many years of experience working with some of North America's largest and most technically advanced wireless networks and communications organizations. He also served as chief technology officer of Nikom Communications and sits on the board of several high tech firms.
Annual and Special Meeting
The company's annual and special meeting of shareholders on
The company has been informed by the Alberta Securities Commission that its shares are being cease traded. As well, Jenex's shares remain halted on the TSX Venture Exchange pending the completion of the required filings to the exchange. "Another priority following completion of this financing will be to get the cease trade order lifted and the approval of the TSX Venture Exchange to resume trading of the company's shares," said
About The Jenex Corporation
The Jenex Corporation, founded in 1999, is a medical device company that is focused on the research and development of its patented Thermal Therapy technology. The first device developed from this technology is the Therapik(R) product for relief of pain and itch caused by insect stings and bites. Therapik(R) has been approved as a Class II medical device in
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
%SEDAR: 00016201EFor further information: Investor and Media Relations, Richard W. Wertheim, Wertheim + Company Inc., Email: email@example.com, (416) 594-1600, (416) 518-8479 (cell)